NEW YORK - Travel + Leisure Co. (NYSE:TNL) reported third quarter earnings that surpassed analyst expectations, while revenue fell slightly short of estimates. The vacation ownership and membership travel company also narrowed its full-year sales guidance.
Travel + Leisure posted adjusted earnings per share of $1.57 for Q3, beating the analyst consensus of $1.47. Revenue came in at $993 million, below the $1.01 billion analysts were expecting but up 0.7% year-over-year.
Net income for the quarter was $97 million, or $1.39 per diluted share, compared to $110 million, or $1.49 per share, in the same period last year.
"Our results this quarter show that we are executing well against our key priorities for the year and that demand for our products remains solid," said Michael D. Brown, President and CEO of Travel + Leisure Co.
The company's Vacation Ownership segment saw revenue increase 2% to $825 million, driven by a 5% rise in net vacation ownership interest sales. Tours were up 4% compared to last year, though volume per guest decreased 3% to $3,012.
For the full year 2024, Travel + Leisure narrowed its gross VOI sales guidance to $2.25-$2.30 billion, compared to its previous outlook of $2.25-$2.35 billion. It maintained its adjusted EBITDA forecast of $915-$935 million.
The company returned $105 million to shareholders in Q3 through $35 million in dividends and $70 million in share repurchases.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.